Post-Keynesian Economics

Post-Keynesian Economics

New Foundations

Marc Lavoie

The book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis, published in 1992. It provides an exhaustive account of post-Keynesian economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories.

Chapter 8: Inflation theory

Marc Lavoie

Subjects: economics and finance, post-keynesian economics

Extract

Not much has been said so far about price inflation. The main references to inflation were made in Chapter 6, when discussing Joan Robinson’s inflation barrier, Duménil and Lévy’s adjustment mechanism towards the normal rate of utilization and Dutt’s adjustment mechanism bringing aggregate demand towards aggregate supply. Some hints about the impact of inflation on the prices of imported raw materials or intermediate commodities were also mentioned in Chapter 7. It is now time to say more about wage and price inflation.

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